We have a double top with a higher high, but a lower low on indicator. This is a sign of exhaustion from the bulls. There is a powerfull bearish divergence lurking.
This would be so obvious, time will tell us!
What more to tell? All in chart, pennant with flag-pole target 3 entries, three tp's. Let's do it again!
Oversold, plus channel support, will retest the channel resistance for any further move down. This is a very likely scenario to happen.
I long here because of the falling wedge which looks completed for more than 80%. The downtrend showing leak of power, also indicators show a triangle pattern which confirms a stable bottom is being built.
SL and both TP in the chart, looks like an ending diagonal which could retest previous structure. See my previous charts on this pair for more background analysis.
Clearly oil is in a rising channel so buying at channel supports is a good idea untill we mee the horizontal resistance levels I've drawn in my chart. Based upon that I'm looking for candle stick patterns and divergence to enter short again.
Long or short, time will tell, gold is in a triangle that is one thing for sure! In the bigger picture we can see it has been rejected by the weekly downtrend channel median, shorts favoured! See the weekly chart to understand. The daily RSI shows a steep rising indicator which looks like it is broken down. I'm monitoring the smaller timeframes for entry...
My long on USDCAD was triggered, based upon the following technical factors: Both MACD and RSI bullish divergence Horizontal support Falling wedge in uptrend which looks like a Wolfe Wave (we have 5 waves within this wedge, which is beautifull) Because I'm crazy! This trade is already active, because of the long queue I had. Sorry for the late post, but...
Trendline support, with bullish divergence. Setup is low R:R, worth a shot. I long it once again.....
This is the last time I would long USDCAD, from here onwards i would only look for shorting opportunities. I am looking for a double top with a higher high. Then we short the sh*t out of this pair, all year long!
Since August dropped 1500 pips and then in December untill now spiked up 1500 pips. At the moment it is forming an ending diagonal, this is no trade setup but I am sharing a potential trend reversal with you. This is a good one to monitor on smaller timeframes, especially with the low oil prices which could spike and the weak euro.
No words needed this could be a long term rally Weekly shows BIG moves on the way
See earlier chart final leg down.